sc property management exam
QUESTIONS WITH ANSWERS
Property Manager's Role - CORRECT ANSWERS ✔✔achieve the
objectives of the property owners;
generate income for the owners; and
preserve and/or increase the value of the investment property.
Current Challenges as Property Manager - CORRECT ANSWERS
✔✔The most recent specialty is managing REOs, bank-owned real
estate, as a result of so many housing foreclosures.
Real Property - CORRECT ANSWERS ✔✔surface of a parcel of land
and moves on to the owner's rights to the air above the surface
and the soil and minerals beneath the surface, as well as anything
permanently attached to this land, either by nature or by human
hands.
Largest need - CORRECT ANSWERS ✔✔Residential property is the
largest source of demand for the services of professional property
managers
Residential Multi family - CORRECT ANSWERS ✔✔Rising
construction costs and a decrease in the availability of usable
land have increased the popularity of multifamily developments
such as town homes or row houses, condominiums, and
cooperatives, many of which are individually owned
,Commercial Property - CORRECT ANSWERS ✔✔Income producing
properties
Institutional Property - CORRECT ANSWERS ✔✔Real estate owned
and occupied by a major corporation.
Incubator Spaces - CORRECT ANSWERS ✔✔Located in Research
parks for beginning companies
Commercial Real Estate - CORRECT ANSWERS ✔✔success or
failure of a shopping center often hinges on the property
manager's ability to assess the market, conduct sales promotion
and public relations, and act swiftly and decisively
Research Parks - CORRECT ANSWERS ✔✔Specialize in hair gah
tech computing and engineering
Industrial Property - CORRECT ANSWERS ✔✔includes all land and
facilities used for heavy and light manufacturing, for storage, and
for the distribution of goods
Heavy Manufacturing - CORRECT ANSWERS ✔✔property for heavy
industry must be designed with the specific needs of potential
users in mind, such plants are generally occupied and managed
by the owner
,Enterprise Zones - CORRECT ANSWERS ✔✔created through state
statutes, and consist predominantly of warehousing, light
manufacturing, or assembly zones.
Special Purpose Property - CORRECT ANSWERS ✔✔Hotels, motels,
clubs, resorts, nursing homes, theaters, schools, colleges,
government institutions, and places of worship are considered
Milking and slumlords - CORRECT ANSWERS ✔✔extracting every
possible dollar from the property by owner without putting any
money back into the property
BOMA - CORRECT ANSWERS ✔✔Building Owners and Managers
Association
IREM - CORRECT ANSWERS ✔✔Institute of Real Estate
Management
NAA - CORRECT ANSWERS ✔✔National Apartment Association
Prime factor influencing the real estate market - CORRECT
ANSWERS ✔✔Supply and demand
National Affordable Housing Management Association, NAHMA -
CORRECT ANSWERS ✔✔advocates on behalf of multifamily
property managers and owners who are involved in affordable
housing
, National Association of Residential Property Managers, NARPM -
CORRECT ANSWERS ✔✔permanent trade organization for
property managers who specialize in managing single-family
dwellings
National Multi Housing Council, NMHC - CORRECT ANSWERS
✔✔are those who are involved in the apartment industry,
including ownership, development, management, and financing of
larger apartment buildings. It works with the National Apartment
Association, NAA, to advocate on legislative and regulatory affairs
relating to rental properties of five or more units
Ethics - CORRECT ANSWERS ✔✔is a system of moral principles, or
rules of conduct that refer to fidelity, integrity, and competency.
he manager-agent pledges to act in the best interest of his or her
principal and to handle all transactions involving the property with
honesty and discretion
BOMI - CORRECT ANSWERS ✔✔was established in 1970 to provide
educational programs for property owners and managers of
commercial properties
market - CORRECT ANSWERS ✔✔situation where willing sellers
and willing buyers exchange goods and services
Expansion,Recession,Contraction and Revival are phases of
what ? - CORRECT ANSWERS ✔✔Cyclic fluctuations
QUESTIONS WITH ANSWERS
Property Manager's Role - CORRECT ANSWERS ✔✔achieve the
objectives of the property owners;
generate income for the owners; and
preserve and/or increase the value of the investment property.
Current Challenges as Property Manager - CORRECT ANSWERS
✔✔The most recent specialty is managing REOs, bank-owned real
estate, as a result of so many housing foreclosures.
Real Property - CORRECT ANSWERS ✔✔surface of a parcel of land
and moves on to the owner's rights to the air above the surface
and the soil and minerals beneath the surface, as well as anything
permanently attached to this land, either by nature or by human
hands.
Largest need - CORRECT ANSWERS ✔✔Residential property is the
largest source of demand for the services of professional property
managers
Residential Multi family - CORRECT ANSWERS ✔✔Rising
construction costs and a decrease in the availability of usable
land have increased the popularity of multifamily developments
such as town homes or row houses, condominiums, and
cooperatives, many of which are individually owned
,Commercial Property - CORRECT ANSWERS ✔✔Income producing
properties
Institutional Property - CORRECT ANSWERS ✔✔Real estate owned
and occupied by a major corporation.
Incubator Spaces - CORRECT ANSWERS ✔✔Located in Research
parks for beginning companies
Commercial Real Estate - CORRECT ANSWERS ✔✔success or
failure of a shopping center often hinges on the property
manager's ability to assess the market, conduct sales promotion
and public relations, and act swiftly and decisively
Research Parks - CORRECT ANSWERS ✔✔Specialize in hair gah
tech computing and engineering
Industrial Property - CORRECT ANSWERS ✔✔includes all land and
facilities used for heavy and light manufacturing, for storage, and
for the distribution of goods
Heavy Manufacturing - CORRECT ANSWERS ✔✔property for heavy
industry must be designed with the specific needs of potential
users in mind, such plants are generally occupied and managed
by the owner
,Enterprise Zones - CORRECT ANSWERS ✔✔created through state
statutes, and consist predominantly of warehousing, light
manufacturing, or assembly zones.
Special Purpose Property - CORRECT ANSWERS ✔✔Hotels, motels,
clubs, resorts, nursing homes, theaters, schools, colleges,
government institutions, and places of worship are considered
Milking and slumlords - CORRECT ANSWERS ✔✔extracting every
possible dollar from the property by owner without putting any
money back into the property
BOMA - CORRECT ANSWERS ✔✔Building Owners and Managers
Association
IREM - CORRECT ANSWERS ✔✔Institute of Real Estate
Management
NAA - CORRECT ANSWERS ✔✔National Apartment Association
Prime factor influencing the real estate market - CORRECT
ANSWERS ✔✔Supply and demand
National Affordable Housing Management Association, NAHMA -
CORRECT ANSWERS ✔✔advocates on behalf of multifamily
property managers and owners who are involved in affordable
housing
, National Association of Residential Property Managers, NARPM -
CORRECT ANSWERS ✔✔permanent trade organization for
property managers who specialize in managing single-family
dwellings
National Multi Housing Council, NMHC - CORRECT ANSWERS
✔✔are those who are involved in the apartment industry,
including ownership, development, management, and financing of
larger apartment buildings. It works with the National Apartment
Association, NAA, to advocate on legislative and regulatory affairs
relating to rental properties of five or more units
Ethics - CORRECT ANSWERS ✔✔is a system of moral principles, or
rules of conduct that refer to fidelity, integrity, and competency.
he manager-agent pledges to act in the best interest of his or her
principal and to handle all transactions involving the property with
honesty and discretion
BOMI - CORRECT ANSWERS ✔✔was established in 1970 to provide
educational programs for property owners and managers of
commercial properties
market - CORRECT ANSWERS ✔✔situation where willing sellers
and willing buyers exchange goods and services
Expansion,Recession,Contraction and Revival are phases of
what ? - CORRECT ANSWERS ✔✔Cyclic fluctuations
